Pension Systems and Old-Age Income Support in East and Southeast Asia: Overview and Reform Direction

Date: December 2011
Type: Books
Country:
Subject:
ISBN: 978-0-415-69270-0 (print)
Editor: Park, Donghyun

Description

Old-age income support will be one of the biggest social and economic challenges facing Asia in the 21st century. The growing spotlight on old age income support is largely due to exceptionally rapid population aging which is fundamentally reshaping Asia’s demographic profile. A young continent reaping the demographic dividend of a large youthful workforce is giving way to a greying continent where the ratio of retirees to workers is on the rise.

In contrast to industrialized countries, most Asian countries do not yet have mature, well-functioning pension systems. As a result, they are ill prepared to provide economic security for the large number of retirees who loom on the region’s horizon. This book takes a close look at the pension systems of eight countries in East and Southeast Asia – namely, the People's Republic of China, Indonesia, the Republic of Korea, Malaysia, the Philippines, Singapore, Thailand, and Viet Nam – which encompass a wide range of income and development levels. The book provides a comprehensive overview of pension systems in the eight countries, including an in-depth diagnosis to identify their major weaknesses and shortcomings.

On the basis of the diagnosis, the book sets forth concrete and specific policy options for reforming Asia’s pension systems. Many policy options for reform are country-specific. For example, a top priority in the People's Republic of China is to extend the pension system to rural areas. At the same time, a number of reforms – such as the need to extend coverage – resonate across the entire region. Appropriate reform will enable the region’s pension systems to deliver affordable, adequate and sustainable old-age economic security.

Contents

  • Foreword
  • Introduction: Why Does Asia Need Well-Functioning Pension Systems?
  • People's Republic of China: Pension System Overview and Reform Directions
  • Indonesia: Pension System Overview and Reform Directions
  • Republic of Korea: Pension System Overview and Reform Direction
  • Malaysia: Pension System Overview and Reform Directions
  • Philippines: Pension System Overview and Reform Directions
  • Singapore: Pension System Overview and Reform Directions
  • Thailand: Pension System Overview and Reform Directions
  • Viet Nam: Pension System Overview and Reform Directions
  • Policy Options for Reforming Developing Asia’s Pension Systems
  • Appendix: Summary of the OECD’s Pension Modelling Exercise